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Friday, 24 June 2016

British Prime Minister Cameron Resigns After Losing Brexit Vote

Britain has voted to leave the European Union, forcing the resignation of Prime Minister David Cameron and dealing the biggest blow to the European project of greater unity since World War Two.

Britons filed into polling stations across the United Kingdom on Thursday to vote on the referendum that decided whether or not the UK will remain a member of the European Union.

Those advocating remaining in the EU, including both Prime Minister David Cameron and opposition party leader Jeremy Corbyn, believe that leaving would damage the British economy. The EU is the UK’s largest trading partner, and its exit would, therefore, harm economic relations between the UK and EU member states. British citizens can also work abroad easily in EU countries, but such jobs would be jeopardized if the UK leaves the EU.

Global financial markets plunged as results from Thursday's referendum showed a near 52-48 percent split for leaving.The pound fell more than 10 percent against the dollar to levels last seen in 1985, its biggest one-day fall in history, and European shares plummeted more than 8 percent, headed for their biggest ever one-day fall.Billions of dollars were wiped off European banks' market value, with Britain's Royal Bank of Scotland, Barclays and Lloyds Banking Group the biggest fallers.

On the other hand, the “Leave” or “Brexit” campaign argues that the EU is too controlling of the UK, as roughly 50 percent of British legislation comes from the EU Parliament.

Meanwhile, British influence on EU affairs is declining, as the UK only has 8 percent of votes in the EU Parliament.Brexit advocates also argue that the autonomy gained from leaving the EU would allow the UK to formulate its own global trade deals without EU approval.